The insurer’s revamped BOP base form launches this month
The Hanover announced this month that it has revamped its business owner’s policy (BOP) offerings in order to provide greater options and service to its small business owner insureds. The newly enhanced BOP now offers expanded coverages as well as endorsements and an innovative equipment breakdown protection. The Worcester-based insurer has also increased limits in an effort to help its independent insurance agents better serve their clients.
“Business owners’ exposures continue to evolve,” said Michael R. Keane, president of small commercial at The Hanover. “By embedding these expansive new coverages and increased limits into the BOP base form, we increased the protection for business clients, while making it easier for our agent partners to do business.”
The expanded BOP offerings now include more than 10 new coverages. It also has increased the limits [pullquote]The new enhancements and protections will be available to agent partner’s on policies with effective dates on or after October 15th[/pullquote]for an additional 30 other coverages. Optional new endorsements have also been included for things such as emergency event management and rebuilding expenses following a disaster. The Hanover’s aim is to provide more options to independent agents which allow them to customize their client’s insurance programs while also greatly reducing the need for multiple endorsements.
The following are a few of the new enhancements and protections to agent partner’s on policies with effective dates on or after October 15th:
- Damage to items in storage units or detached trailers
- Loss of money and securities caused by the fraudulent use of a computer or instruction directing a financial institution to debit an account
- Damage as a result of a specified cause of loss, other than fire or lightning
- Damage to paved surfaces
- Loss or damage caused by tenants to a rented building
- Loss or damage of a landlord’s personal property in a rented building
- Theft of telephone services, telephone credit cards or telephone access cards
- Damage to underground pipes, flues and drains
Lastly, the company also has introduced a new equipment breakdown coverage which the company says is industry-leading. The new coverage was developed “…to better address the evolving technology risks facing small businesses.” The new coverage is automatically included on The Hanover’s BOP, thereby aiding agents to provide the most “state-of-the-art protection” for small business clients.
